Ebitda at Drax for 2014 was £229 million, down just £1 million on the previous year. Underlying earnings were hit by higher depreciation and finance costs, reflecting biomass investment and associated financing and fell by 23% to £96 millon, but chief executive Dorothy Thompson promised that unit 3 would be "high biomass" by Q3 2015. She said the biomass investment was protecting earnings from high carbon costs but warned that the trajectory of carbon price support would erode margins..